- Push-out Score suggests push-out forces
- After 18 years in the position
- Accolades, praise and thanks for Hammergren
- Brian Tyler taking over
- Hammergren said 128 words
(exechange) — San Francisco, California, November 1, 2018 — John Hammergren, chief executive of McKesson, leaves his post. His departure is made public at an early stage. As announced by McKesson Corp. in a news release and in a regulatory filing published on Thursday, November 1, 2018, John H. Hammergren leaves his post as chief executive officer at the health care company after 18 years in the role, effective March 31, 2019.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.2 years, according to data compiled by exechange. Only 16 percent of the CEOs who departed over the past 12 months left the position after more than 15 years.
John Hammergren’s duties will be taken over by Brian S. Tyler, currently president and chief operating officer of McKesson Corporation.
“This is the right time”
John Hammergren’s departure from the CEO post is explained as follows. Hammergren said: “We are making solid progress with our strategic growth initiative and the company is in a strong financial position. This is the right time to turn the leadership reins over to the next generation and no one is better equipped than Brian to lead McKesson into the future.”
Precise information about John Hammergren’s future plans was not immediately available.
McKesson said: “John H. Hammergren, chairman and chief executive officer (CEO), has decided to retire, effective March 31, 2019.”
McKesson further said: “On October 30, 2018, John H. Hammergren decided to retire from his roles as Chief Executive Officer and Chairman of the Board of Directors … of McKesson Corporation …, effective as of March 31, 2019.”
Share price decline
The change follows a decline in the share price of McKesson Corporation since May 2015.
In the position of CEO since 2001
Hammergren has served as Chairman of the Board since July 2002, and President and Chief Executive Officer of the Company since April 2001.
Hammergren joined the Company in 1996 and held a number of management positions before becoming President and Chief Executive Officer.
Hammergren is the Chairman of the Supervisory Board of McKesson Europe, formerly known as Celesio AG.
Additionally, he is currently a member of the Business Council, the Business Roundtable and the Healthcare Leadership Council, as well as the Board of Trustees for the Center for Strategic & International Studies.
He has been a director of the Company since July 1999.
Edward Mueller, 71, currently lead independent director on McKesson’s Board of Directors, will succeed Hammergren as an independent chairman of the Board, also effective April 1, 2019.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered John Hammergren’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 45.2018 ($).